Dhoot Transmission Limited raised ₹3,066.88 crore through its initial public offering, making it one of the largest IPOs in India’s manufacturing sector this year. The offering combined a fresh issue of shares with an offer for sale by BC Asia Investments XV Limited, an affiliate of Bain Capital.
The IPO opened for subscription last month and attracted strong demand, subscribing 74.21 times overall. Qualified institutional buyers showed the most interest, oversubscribing their portion 212.92 times.
Legal teams behind the deal
Cyril Amarchand Mangaldas advised Dhoot Transmission. Manan Lahoty, partner and head of capital markets, led the team with partners Abhiroop Lahiri and Amitpal Singh. Senior associate Dhawal Nirash and associates Vatsala Parashar, Krishanu Paul, and Simran Sharma assisted.
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Other teams at the firm handled corporate and employment matters. Rohan Roy, partner, managed general corporate issues with help from senior associate Shefali Murthy and associate Amartya Mukherjee. Employment concerns were addressed by partner Bharath Reddy and principal associate Dipti Khatri.
Khaitan & Co represented the book running lead managers—Axis Capital Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, and 360 ONE WAM Limited. Partners Subhayu Sen and Aayush Mohata led the effort, supported by principal associate Johann Valladares and senior associates Sarjana Das and Aayush Virani. Associates Harshit Singh, Hrishi Kapadia, and Aryan Agarwal also worked on the deal.
Latham & Watkins served as international legal counsel for the book runners. The transaction was managed by partners Rajiv Gupta and Dominik Sklenar, with counsel Esha Goel and associates Kay Howe Lee and Neha Sahgal. Tax guidance came from partner Enrique Rene de Vera and associates Sam Yang and Ethan Lee.
The company’s market position
Dhoot Transmission operates in India’s electrical and electronics manufacturing industry. It designs and produces wiring harnesses, switches, terminals, connectors, junction boxes, high-voltage interconnection systems, and data cables. The business ranks among the top two suppliers of wiring harnesses for two-wheelers and three-wheelers nationwide.
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Investor confidence in India’s automotive and industrial supply chains drove the IPO’s success. Recent deals have often focused on niche manufacturers with export potential, but this company primarily serves domestic markets. Securing such a large capital infusion indicates growing interest in mid-sized industrial firms with established market positions.
Proceeds will fund expansion, including capacity upgrades and possible acquisitions. The offer for sale by Bain Capital also marks the private equity firm’s planned exit after years of investment.
Shares will list on the stock exchanges later this month under the ticker DHOOT.
